FXStreet reports that in the opinion of FX Strategists at UOB Group, AUD/USD could extend the drop to the 0.6970 region in the next weeks.

24-hour view: “The combination of oversold conditions and waning momentum suggests further AUD weakness is unlikely. For today, AUD is more likely to consolidate, likely not straying much out of Friday’s range of 0.7006/0.7087.”

Next 1-3 weeks: “AUD subsequently cracked 0.7030 but it rebounded after touching a low of 0.7016. Slowing shorter-term momentum could lead to a couple of days of consolidation first. As long as the ‘strong resistance’ at 0.7180 is intact (no change in level from yesterday), the current negative phase still appears to have room to run. The next support is at 0.6970.”